new year takeover offer, page-27

"If you are correct, what does that mean for relatively small holders (284k) such as myself? Xstrata wont need my shares to take a controlling interest"

Hmnn - OZL did a ring around one night and before the market opened the next morning they owned 19.9% of SFR.

Everyone thought they would make a take over at some stage but they didnt - having said that they paid $3.20 and now SFR is $8.50 a nice paper profit.

Xstrata can only selctively buy up to 19.9% to go above that they have to make the offer available to all holders.

So if I were the Xmen - I would pay up the independent value for the 50% of roseby then approach the top twenty to get a pre commitment to sell like SOL did with Ivanhoe on the Exco take over.

They could then pitch the offer subject to min 50% acceptance and state they already have a pre commitment for " X " %

50% plus 1 shares gives them control of the company. Alternatively they may do what OZL and just get to 19.9% for now ?

Either Way AOH must now be in play as a take over target.